Raymond James Upgrades SY Bancorp (SYBT) to Outperform

Raymond James analyst David Long upgraded SY Bancorp (NASDAQ: SYBT) from Market Perform to Outperform with a price target of $42.00.

The analyst commented, "We are upgrading shares of Stock Yards to Outperform from Market Perform after hosting virtual investor meetings with CEO James (Ja) Hillebrand and CFO Clay Stinnett. We came away from the meetings incrementally more bullish on SYBT shares as we believe the bank will outperform its peers during and following the COVID-19 driven recession. The bank possesses many defensive characteristics making it a safe-haven for investors as they search for resilient banks capable of navigating a difficult environment. Additionally, we believe its success in the PPP will drive incremental growth in the future. To sum, while the bank trades at a premium P/TBV to its Midwest community bank peers, we believe investors will be more than willing to pay for such a high quality bank franchise over time, allowing such a premium to expand."

For an analyst ratings summary and ratings history on SY Bancorp click here. For more ratings news on SY Bancorp click here.

Shares of SY Bancorp closed at $34.25 yesterday.

You May Also Be Interested In

• Kotak Upgrades Mahanagar Gas Limited (MAHGL:IN) to Reduce (3)
• Sun Pharmaceutical Industries Ltd. (SUNP:IN) PT Raised to INR2,150 at Kotak
• JPMorgan Downgrades Mankind Pharma Ltd (MANKIND:IN) to Neutral